Ecobank Nigeria has launched ‘Ecobank MasterPass QR’, a Mastercard global digital system that allows people to pay for services using mobile phones.
The bank explained that the new platform will also enable micro, small and medium enterprises (MSMEs) in Nigeria to receive digital payments from millions of customers.
According to a statement, the platform makes electronic payments safe, simple and smart. The bank also said it improves customer experience with a clean front-end design and a built-in sophisticated and secure supporting technology. Payments are made by customers scanning a Quick Response code displayed at checkouts on their smartphones, or by entering a merchant identifier into their feature phones, it explained.
Ecobank Nigeria’s Managing Director, Charles Kie said: “The Ecobank Masterpass QR solution leverages smart technology that transforms mobile phones into safe and simple payment tools, and delivers services that will benefit all stakeholders in the payments ecosystem. This new digital platform supports the Central Bank of Nigeria’s Cashless Nigeria and financial inclusion goals. Ecobank Masterpass QR will help our vital MSME sector connect more efficiently to the national and global economy.”
About 96 per cent of Nigerian businesses are MSMEs. Despite the major part they play in the nation’s economy, about 98 per cent of MSMEs still do their transactions using cash.
“Ecobank is the first to issue Masterpass in Nigeria, which reaffirms our undisputed pioneer position in bringing convenient international digital payments products to delight our customers as we were also the first to issue International MasterCard payment cards in Nigeria, ” Ecobank Group Executive Consumer Banking, Patrick Akinwuntan said.